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Why Shares of Silvergate Capital Are Jumping Today

·2 min read
Why Shares of Silvergate Capital Are Jumping Today
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Shares of the crypto bank Silvergate Capital (NYSE: SI) traded 16.5% higher as of 11:05 a.m. EDT today after the company announced a new partnership with Facebook's (NASDAQ: FB) yesterday. Silvergate announced that it will become the exclusive issuer of Facebook's Diem U.S. dollar-pegged stablecoin, formerly known as Facebook's Libra project. Silvergate will also manage the reserve dollars for the Diem.